10年期俄罗斯自由贸易区收益率从10月早些时候测试的四个月高点15.2%降至14.6%，这与有利的地缘政治发展对俄罗斯资产的一些支持有关。美国总统特朗普指出，乌克兰总统泽连斯基应该接受更有利的条件来结束与俄罗斯的战争，而欧盟领导人在使用冻结的俄罗斯资产支持乌克兰方面面临障碍。自8月以来，债券供应增加和利率上升引发俄罗斯债务暴跌，这给OFZ带来了一些喘息的机会。明年的预算草案反映了俄罗斯与乌克兰战争期间分配给国防开支的13万亿卢布，占联邦预算的40%，比初步文件中提到的要多，以延长俄罗斯联邦政府的充足支出期。支出持平的同时，俄罗斯经济放缓、卢布走强导致俄罗斯大宗商品价格下跌以及央行加息也给政府收入带来了风险。

The yield on the 10-year Russian OFZ fell to 14.6% from the four-month high of 15.2% tested earlier in October, tracking some support for Russian assets on favorable geopolitical developments. US President Trump noted that Ukrainian President Zelensky should accept more favorable terms to end the war with Russia, while EU leaders faced barriers to using frozen Russian assets to support Ukraine. The developments added some respite to OFZ's after higher bond supply and higher interest rates triggered a plunge in Russian debt since August. The draft of next year's budget reflected RUB 13 trillion, or 40% of the federal budget, allocated for defense spending amid Russia's war with Ukraine, more than noted in preliminary documents, to extend the period of ample spending by the Russian federal government. The flat spending coincided with risks to government revenues amid Russia's slowing economy, low Russian commodity prices amid a strong ruble, and high interest rates by the central bank.